| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Delphi Technologies plc > News item |
McDermott notes trade higher in bankruptcy aftermath; Delphi dips on ratings cut
By James McCandless
San Antonio, Jan. 22 – In the Wednesday distressed debt session, activity was largely centered on movers in the energy space.
McDermott International, Inc.’s notes inched higher in the aftermath of its bankruptcy news and the subsequent ratings downgrades.
The 10 5/8% senior notes due 2024 improved by ¼ point to close at 13 bid.
About $19 million of the notes were on the tape by the end of the session.
After announcing that it had majority support from creditors for a restructuring transaction, the Houston-based oil and gas engineering company filed for Chapter 11 bankruptcy late Tuesday, Prospect News reported.
The restructuring agreement would cut more than $4.6 billion of debt.
Elsewhere, automotive name Delphi Technologies plc’s notes dipped after receiving a ratings downgrade.
The 5% senior notes due 2025 lost 1¾ points to close at 88½ bid.
On Wednesday, Moody’s Investors Service issued a series of ratings downgrades for the London-based automotive powertrain producer.
The agency lowered the corporate family rating, probability of default rating and senior unsecured note rating.
The downgrades reflect the agency’s belief that Delphi’s debt/EBITDA leverage will remain elevated in the intermediate term and the expectation of lower levels of profitability due to continued weakness in global automotive production.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.